18-11-14 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Market became momentum with influence of cash in flows, news and sentiment.   To fact Market (Indices) buying is not advisable at this level (positional traders) on the basis of technical and fundamental values when indicators are at:: (PE @ 21.4 which is higher than normal, RSI & Stochastic are running more than 90%) over bought zone.  Even PCR is running at 1.07 which also indicating over bought situation.  But as Traders can play either way (longs or shorts), these values does not matter. Also, as per the Present Trend, people are investing on assets, based on Prospectors and Trend (which command by supply vs demand), we can not mistake any body, but only thing we should be convinced to join this Kind of Investment club. But as Market gives lots of opportunities in many ways, finding Value Stocks (dark horse) and putting in our basket will be more wiser.

 

Yesterday FIIs are net sellers in Derivatives (total range) 994.37cr.  In Index Futures also they sold  235.34cr by Square off 9531 Long Contracts and Adding 476 Shorts, by which OI decreased by 9055 contracts.   In Equity Segment FIIs have continued their buying with 656.37 cr and DIIs continued their selling with 247.86 cr.   Market Breadth closed with positive note.   Derivatives OI range maintained between 8300-8500 with active point of 8400.  PCR shows over bought.  Rupee closed at 61.77 by 0.05 loss. Global major Indices recovered from minus and almost all closed with positive note.

Today all most all Asian Indices have opened with positive note and off late turn flat to negative. (@8.00 AM).  With its peer markets and SGX Nifty influence our market also may start with flat to negative note and there after it may try to get support at 8400/8380 level.  As 8345/8350 level acting as support from last 2 days, day traders may go long with this SL for the target of 8460/8490.

NIFTY SPOT LEVELS:

Pivot: 8406

Resistance: 8463/8495/8552
Support: 8373/8317/8284

NIFTY FnO BAN: UNITECH:

STOCKS TO WATCH (POS/DAY BASED ON LEVELS GIVEN)
GULFOIL: SELL < 173 TRG 168 SL 182
PFC: BUY >  290 TRG 295/310 SL 286
RECL: BUY > 320 TRG 326/347 SL 314

B/F CALLS:

ASIAN PAINTS: BUY > 663 TRG 671/683/700 SL 652 (3rd TRG TO 700)

                            ACTUAL: LOW: 675 HIGH: 694.75 (PLAYED ABOVE 1ST TRG) CAN HOLD

 

SAIL: BUY > 84 TRG 89 SL 83 (SL CHANGED TO 83 FROM 81)

           ACTUAL: LOW: 84 HIGH: 86.30 (CAN HOLD)